Baku. Musa Ahmadov - APA-Economics. “Central Bank of Azerbaijan is following macroeconomic situation in the country, and whether main trade partners devalue their national currency or not”, said the Chairman of Central Bank of Azerbaijan Elman Rustamov.
According to him, Azerbaijan is not ready for switching to fully floating exchange rate policy: “Because if it’s switched to fully floating exchange rate policy in this situation, then national economy can suffer more damage”. Therefore, it’s preferred controlled rate of exchange”.
According to senior banker, in order to switch to fully floating exchange rate policy, it’s needed organizations getting a lot of currencies: “There are only three such type of organizations - Central Bank of Azerbaijan, SOCAR and SOFAZ. If we switch to fully floating exchange rate policy, manat can rise or decline 20-30% depending on market. Therefore, we prefer controlled rate of exchange”.
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